“Temporary macro factors (primarily semiconductor supply chain disruptions and rising commodity prices) continue to impact the industry,” said supplier Adient reporting third quarter 2021 financial results.
The company booked US$3,242m in sales and EBIT of $44m but a net loss of $71m (-$0.75 per share).
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Figures from a year ago were not provided with the company saying: “Not a meaningful comparison given the significant impact of COVID-19 on Q3 FY20 results.”
It added: “Macro headwinds that continue to impact the industry and Adient are placing increased downward pressure on expected FY21 revenue and earnings.”
The company said numerous unplanned vehicle production stoppages at customers (primarily related to semiconductor supply chain disruptions) and rising commodity costs, had a significant impact on the Q3 21 results.
“The negative impact on the business driven by ongoing supply chain disruptions has resulted in Adient lowering its revenue and earnings forecast for full year 2021.”
It now expects sales between $14.3bn and $14.5B (previously $14.6bn-$15bn) and adjusted EBITDA of $925m to $975m ($1,000m-$1,100m).
Q3 adjusted EBITDA was $118m.
